Annuity Investment Loss Lawyers

Colorado Bankers Life Insurance Investors File 7-Figure Lawsuit Against Citizens Securities. Our CB Life Annuity Investment Loss Lawyers Are Representing This Couple 

Two senior investors are seeking up to $1M in damages in their annuity loss against Citizens Securities. The claimants are novice investors who worked with Citizens Securities brokers Zane Jason Michalski and Adit Sem. The latter is now with Santander Securities.

The two financial advisors allegedly misrepresented Colorado Bankers Life Insurance as a safe investing opportunity. The claimants, purportedly at the stockbrokers’ recommendation, proceeded to place all of their savings in a CB Life annuity.  These are not our only clients with pending lawsuits against this brokerage firm.

In their FINRA arbitration claim, the couple is alleging misrepresentations and omissions, gross negligence, breach of fiduciary duty, and more. At no time did Citizens Securities apprise them that Colorado Bankers Life Insurance was in trouble.

After the deal that owner Greg Lindberg made with a previous North Carolina Commissioner of Insurance fell through—an arrangement that allegedly allowed him to set up a scheme so that $1.2B of Colorado Bankers investors’ funds ended up in his affiliated entities—the insurance company was forced to unwind hundreds of millions of dollars to be in compliance.

This was something that Lindberg either could not or would not do. As a result, Colorado Bankers ended up in rehabilitation in 2019 and went into liquidation in 2022 while reportedly owing policyholders over $1B.

These Pennsylvania investors have since found out that whatever financial protections the insurance industry provides only cover a tiny portion of their investment. Not only that but Lindberg, who is scheduled for a retrial on wire fraud charges after his conviction was tossed out, is now charged with defrauding investors of over $2B.

Shepherd Smith Edwards and Kantas Annuity Investment Loss Lawyers (investorlawyers.com) have been investigating investor losses related to all Lindberg insurers for some time now. Already, we are representing more than 100 claimants in their annuity fraud lawsuits related to Colorado Bankers Life Insurance, Northstar Financial Services (Bermuda), and his other insurance companies.

As liquidation proceedings continue to drag on, many thousands of Colorado Bankers investors have been forced to contend with seeing their assets frozen for years. A lot of these annuity holders are retirees and seniors who thought they were working with financial advisors that were keeping their money safe.

Instead, Citizens Securities brokers and registered representatives from dozens of other broker-dealers appear to have disregarded investors’ best interests.

These financial advisors had plenty of time to let investors know about the trouble that was brewing so they could get their money out fast. Instead, the brokerage firms that sold Lindberg-issued annuities appear to have opted to continue earning high commissions and fees rather than protecting their clients’ funds.

This purported gross negligence has led to serious investment losses. As Shepherd Smith Edwards and Kantas Senior Partner and Colorado Bankers loss attorney Kirk Smith noted in a Wall Street Journal article, investors’ best chances for financial recovery is to explore their legal options.

Why Hire Our Colorado Bankers Investment Loss Recovery Attorneys

You want to work with a trusted securities law firm that has an in-depth understanding of an investment and why it failed. In the matter of Colorado Bankers Life Insurance annuities, that would be us.

We have been representing investors against brokers and investment advisers for over 30 years. If we decide to work together, not only will you become part of our unit of Colorado Bankers lawsuits represented by the entire firm, but you will be availing of our more than 100 years of combined experience in securities law and the securities industry.

Through our hard work and dedication, thousands of investors have collectively recovered many millions of dollars in settlements or awards.

How To Contact Us: 

Call (800) 259-9010 today or contact us online to request your free, no-obligation case consultation.